[Funding Alert] LetsTransport Raises INR 13 Crore From InnoVen Capital
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LetsTransport, a marketplace for intra-city last mile deliveries, has raised INR 13 crore from venture debt firm InnoVen Capital.
Founded in 2015, the Bengaluru-based company provides urban logistics solutions to enterprises. It enables enterprise clients to book trucks and manage bookings through their mobile application, via calls and even the website.
It deals in the light commercial vehicle segment, with an average distance range of 100-200 kms, and is currently present across 15 cities in India with a registered trucker supply of over 58,000 drivers. The company has operations across sectors including organized retail, fast moving consumer goods and e-commerce and counts the likes of Amazon, Flipkart, Coca-Cola and Delhivery among its clients.
Before this round, LetsTransport had raised received a total of $20.3 million in funding. It raised $12 million in Series B funding from Bertelsmann India Investments and Fosun International in December 2018.
"We continue to scale up our network and improve our capabilities as we help streamline urban transportation for enterprises, especially during these trying times when more and more businesses are partnering with organized logistics players to enable direct to consumer deliveries," said Pushkar Singh, co-founder & chief executive officer at LetsTransport.
The logistics space in India has seen renewed interest in the last few years, with the rise of online commerce bringing the need for leaner, more efficient ways of transporting goods. Start-ups such as Blackbuck and Rivigo have brought forth varying models to organize what has traditionally been a largely unorganized sector.
The investment in LetsTransport underlines InnoVen's commitment in being an integral part of the transformation of the logistics-led space in India, the venture debt firm said in a statement.
“We continue to be bullish on the logistics space and expect that organized players will continue to gain share on the back of higher efficiencies and superior service delivery. LetsTransport has built a fantastic business in a rather capital efficient manner and we are excited to be part of their growth journey," said InnoVen Capital India's CEO Ashish Sharma.
InnoVen has invested in over 250 deals with more than 180 start-ups, including Swiggy, Byju's, Myntra, and DailyHunt.